S Korean Prosecutors Want to Jail $651m ‘Crypto Scammers’ for 12-15 Years

Aug 11, 2023

By Tim Alper | @tim-alper

South Korean prosecutors say they hope to jail executives thought to be behind a $651 million crypto scam to prison for up to 15 years.

Per the media outlet Asia Kyungjae, the alleged scam saw 8,000 people left out of pocket.

The scammers allegedly offered individuals “payouts” if they paid their utilities bills using cryptoassets via a dedicated platform named OnNetworks.

But the firm reportedly reneged on these promises, leaving investors unable to reclaim the money they had put into the platform.

The trial is being held at a branch of the Seoul Southern District Court.

The prosecution said it was pushing for a 15-year prison term for the CEO of OnNetworks (surname Park), as well as a five-year prison term for an executive from the same company surnamed Kim.

Prosecutors also want to jail an individual surnamed Yeom – the CEO of an OnNetworks affiliated company – for 12 years.

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